How Does Corporate Governance Affect Firm Performance? The Mediating Role of Agency Costs

淡江大學機構典藏 > 商管學院 > 會計學系暨研究所 > 期刊論文 > Item 987654321/98261

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題名:	How Does Corporate Governance Affect Firm Performance? The Mediating Role of Agency Costs
其他題名:	公司治理如何影響企業績效？代理成本之中介效果
作者:	黃志仁;薛敏正;張瑀珊
貢獻者:	淡江大學會計學系
關鍵詞:	公司治理;代理成本;公司績效;中介效果;Corporate governance;Agency costs;Corporate performance;Mediating effect
日期:	2010-12-01
上傳時間:	2014-06-27 11:09:33 (UTC+8)
出版者:	國立交通大學管理學系
摘要:	This is the first study on the mediating effect of agency costs on the association between corporate governance and firm performance. In the LISREL setting, we first examine the direct effect of governance on firm performance and agency costs. The results indicate a positive (negative) correlation between governance and firm performance (agency costs). We further inc1ude agency costs as a mediating variable; the results show that governance is negatively correlated with agency costs at a conservative level, whereas the impact of governance on firm performance remains significantly positive. This evidence indicates that agency costs play a partial intermediary role in the relationship between governance and firm performance. Specifically, decreasing agency costs is an important way for governance to improve firm performance. This paper contributes to the literature on the association between governance and firm performance by: (1) identifying the mediating effect of agency costs, (2) highlighting both the beneficial and maladministration-mitigating roles of governance, and (3) initiating a new research aspect for related topics.
關聯:	交大管理學報=Chiao Da Management Review 30(2)，頁107-146
顯示於類別:	[會計學系暨研究所] 期刊論文

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